The real estate investments are not operationally linked to the group's core fruit business, and are being segregated into a separate entity for funding and management purposes.

"We will resolve the CreditWatch listing once we receive more details regarding JFC's financial plans and its 2007 operating and financial results," said Mr. Geyze.

We will particularly be looking for transparency in the management and funding of the commercial real estate assets, as well as evidence of continuity in the strategy and operating performance of the core fruit business, which should continue to drive the ratings on JFC.

For the last 12 months ended June 30, 2007, fully adjusted, consolidated debt was $252 million, or adjusted 4.5x EBITDA.

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